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Localities such as Manikonda, Gopanpally and Nanakramguda have emerged as alternative rental destinations near Gachibowli, offering relatively lesser rental values apart from being well connected to the IT hubs.

It is a well-known fact that the rental market of an IT-driven area is always robust. The same goes for the rental market of Gachibowli, which has witnessed rising rental values owing to the immense growth of IT in around the locality.

However, with increasing demand, the rental values have shot up with an average 1000-sq-ft apartment commanding anywhere between Rs 12,500-14,000 per month, as per Magicbricks.com research.

Demand for rented accommodation has always remained robust in Gachibowli with the locality remaining the most preferred rental location in the Jul-Sep 2013, as per the Magicbricks.com’s list of top ten preferred locations for rent.

However, with increasing demand and limited supply, it may not always be possible to get an accommodation of your choice in Gachibowli. In such a situation, one can look at other nearby locations such as Manikonda, Nanakramguda and Gopanpally that are all located within a maximum distance of around 10 km from Gachibowli.

“All these locations were once considered to be far flung suburbs of the city. These zoomed in to prominence due to the spill over demand from the IT driven locations of Gachibowli and Madhapur. Demand in these localities rose on the back of proximity and easy accessibility to the multiple IT companies situated in Gachibowli, Madhapur and Hi-tech City,” says R Sunil of Sree Property. These localities are considered to be an extended part of the Gachibowli CBD (Central Business District).

Nanakramguda

Nanakramguda, located nearest to Gachibowli among the three localities, itself houses several BPOs and IT offices. The rental values are almost at par with that of Gachibowli. As per Magicbricks.com data a 3BHK unit is most supplied in the locality and command a monthly rent of around Rs 25,000-40,000. The per sq ft monthly rent varies from Rs 10-14, similar to that of Gachibowli.

Manikonda

The locality is situated around five-six km from Gachibowli and offers rental accommodations at lower rental values than both Gachibowli and Nanakramguda. For instance, as per the Magicbrick.com listings, 3BHk units having a monthly rent of approximately Rs 10,000-15,000 are most common. Smaller 2BHK apartments with a size of around 600-1000 sq ft are available for Rs 5,000-10,000 per month.

Gopanpally

Gopanpally is located around six km from Gachibowli. It is easily accessible from Gachibowli via the ISB Road that leads to the Tellapur Road.

The rental values are again almost similar to that of Gachibowli with a 3BHK apartment available for around Rs 25,000-40,000 per month.

Sruthi Kailas, Magicbricks.com Bureau

Sruthi Kailas is a keen market researcher and is currently a part of the content and research team of Magicbricks.com.